Park Avenue

[comreguy]

Our speculations were very timely...and correct. According to today's Demozette, Target has put plans for the Midtowne location on hold. That means the center itself is on hold, which is fine, considering the economy and the lack of interest from any tenant in this market. Better to wait a couple of years and have it make a solid debut than limp out of the gate like Shackleford Crossings and the Promenade.

Now if they would just finish University Ave...

It will be very interesting to see if Strode can hold on to the site and make payments on the mountain of debt they secured without any revenue stream coming in for at least 2 years. I hear that there is nearly $30MM tied up in the land and demo of University Mall.

[bchris02]

Our speculations were very timely...and correct. According to today's Demozette, Target has put plans for the Midtowne location on hold. That means the center itself is on hold, which is fine, considering the economy and the lack of interest from any tenant in this market. Better to wait a couple of years and have it make a solid debut than limp out of the gate like Shackleford Crossings and the Promenade.

Now if they would just finish University Ave...

This is good news. It would be nice if when the center does go through, instead of being a Target shopping center maybe it could be something a little more upscale...and could attract some of the tenants that would have went into the Promenade (Apple, Urban Outfitters, Anthropologie, Cheesecake, etc) had the economy not have tanked. If something such as Macy's was attracted as the anchor it could happen. Of course not now, but in 2012 the economic picture may be very different.

[Aporkalypse]

This is good news. It would be nice if when the center does go through, instead of being a Target shopping center maybe it could be something a little more upscale...and could attract some of the tenants that would have went into the Promenade (Apple, Urban Outfitters, Anthropologie, Cheesecake, etc) had the economy not have tanked. If something such as Macy's was attracted as the anchor it could happen. Of course not now, but in 2012 the economic picture may be very different.

It may change some, no doubt. Promenade also will, FWIW, when the outbuildings are built.

Sears/K-Mart is in big, big trouble. I wouldn't be surprised for Sears to go down and Target to take their property near University and 630 for a new midtown store instead of Park Ave. It's a more suitable site, IMO.

[Architect]

It may change some, no doubt. Promenade also will, FWIW, when the outbuildings are built.

Sears/K-Mart is in big, big trouble. I wouldn't be surprised for Sears to go down and Target to take their property near University and 630 for a new midtown store instead of Park Ave. It's a more suitable site, IMO.

Frankly, that might be good for both Target (VERY high visibility) and Park Avenue (a different, perhaps more high-profile anchor). I don't think this will even begin moving for at least 12 months, if that.

[gman430]

This is good news. It would be nice if when the center does go through, instead of being a Target shopping center maybe it could be something a little more upscale...and could attract some of the tenants that would have went into the Promenade (Apple, Urban Outfitters, Anthropologie, Cheesecake, etc) had the economy not have tanked. If something such as Macy's was attracted as the anchor it could happen. Of course not now, but in 2012 the economic picture may be very different.

A development can still be nice looking, mixed use, and have high-end tenants even with big box stores like Target. Magnolia Park Town Center in Greenville, SC and Metropolitan in Charlotte, NC are examples of this. Magnolia Park has Costco and will also have Apple, CCF, etc. while Metropolitan has Target and Trader Joes. Both projects are high-end and will or already include office and residential space. Target if designed and integrated into the development correctly can actually draw in higher end tenants than without the store due to the amount of people it attracts. I will say though that I am suprised Little Rock doesn't have a Macy's yet and one at this site would be better than Target.

[adman0468]

I wouldn't be surprised for Sears to go down and Target to take their property near University and 630 for a new midtown store instead of Park Ave. It's a more suitable site, IMO.

That's a great idea. I really would like to see Macy's enter the market and I think that's a better location for them than the Promenade's adjoining land. Plus, I've always wondered what would happen to that Sears location when they move/go under. Great visibility that they're underutilizing.

[lastmall]

New development delayed at former LR mall site

LITTLE ROCK, Ark. (AP) - A developer says construction is delayed at the site of the former University Mall in Little Rock, where a new Target store is planned as the anchor for a new shopping center.

Developer Jim Strode of Dallas-based Strode Property Co. said Wednesday there is no start date for construction of the center, which is also to feature a bookstore, movie theater and medical offices. Strode said the plans have been influenced by the economic downturn that has affected retailers, including Target.

Target is cutting back on new store openings nationwide and, this week, it announced it will close a distribution center in Maumelle, putting 500 people out of work.

http://www.fox16.com/news/state/story/New-...LcpSmbz3TA.cspx

[LRguy21]

So im guessing that this site will still be dead at least for the next year or so.

[Architect]

So im guessing that this site will still be dead at least for the next year or so.

Good guess.

[LRguy21]

I would rather see this place not be built until the economy improves so it can look something like this:

http://www.perkinsrowe.com/

This is located in Baton Rouge. If they can do it, Little Rock can do it.

[bchris02]

I would rather see this place not be built until the economy improves so it can look something like this:

http://www.perkinsrowe.com/

This is located in Baton Rouge. If they can do it, Little Rock can do it.

People in Baton Rouge, like Des Moines, have MUCH higher standards than Little Rock.

[Mith242]

I think a lot of it has to do more than just overall population. A city or metro has to have a large enough wealthy citizens to support some of these developments. I think that's been a bit of a struggle for all the Arkansas metros. I see people wonder the same think up in NWA. While we've certainly been growing in this corner of the state and we've manage to pull in some upper and middle class people, there's been a lot of poorer people that have moved in as well. I'm not saying there's anything wrong with that. But if you have a large base of poorer people living in your metro those population numbers aren't going to benefit you.

[Architect]

People in Baton Rouge, like Des Moines, have MUCH higher standards than Little Rock.

Umm, no. I've been both places, and they have nothing on LR (population, income, or taste).

Again, this has little to nothing to do with taste (though that does leave something to be desired by most of LR citizens) - rather, this has everything to do with a proliferation of average offerings rather than one, major, high-end development. If this had been the case in Little Rock, like Des Moines, Baton Rouge and Birmingham, we'd have an equal offering. I have mixed feelings about the demise of the Summit development, but let there be no doubt that had that happened, we wouldn't have had this problem.

[LRguy21]

I still think that the University/ Markham can be the "Shopping District" if PA is done right. I think it could be just as big as the summit, just in 3 different centers. LR could support a Perkins Rowe style shopping center in place of University Mall. It needs a:

Book Store (Borders)

Department store (Macy's, Nordstorm, etc.)

Movie Theater

Fresh Food Store

Several small stores new to the area aka Urban outfitters, Apple, etc. They are out there!!!

Housing

Restaurants

It can be done, as to why it wont, who knows.

As for target, Please just take the dang sears stores and send them to SC. They seem so out of place. I think they need the traffic pull thats going to come with that center.

[bchris02]

Umm, no. I've been both places, and they have nothing on LR (population, income, or taste).

Again, this has little to nothing to do with taste (though that does leave something to be desired by most of LR citizens) - rather, this has everything to do with a proliferation of average offerings rather than one, major, high-end development. If this had been the case in Little Rock, like Des Moines, Baton Rouge and Birmingham, we'd have an equal offering. I have mixed feelings about the demise of the Summit development, but let there be no doubt that had that happened, we wouldn't have had this problem.

My point was the citizens of Little Rock have low standards and are rather satisfied with mediocrity. You can see it in everything around here, not just retail developments. The Clinton Library is about the only thing this town has it can really be proud of.

[Architect]

My point was the citizens of Little Rock have low standards and are rather satisfied with mediocrity. You can see it in everything around here, not just retail developments. The Clinton Library is about the only thing this town has it can really be proud of.

I completely agree that in general, the citizens of Little Rock have low standards and are rather satisfied with mediocrity.

I do not believe that this is quantifiably different that similar markets such as Des Moines and Baton Rouge (that you refer).

I also don't think that has anything to do with "why" we don't have a relatively high-end retail scene - again, that was due to the number of developments.

And lastly, while I do get your point that much of what gets built in Little Rock (and the south in general) is almost appallingly tasteless, there are certainly numerous examples of very fine (new) architecture in Little Rock. I'd be happy to supply a list.

[jnholmes]

People in Baton Rouge, like Des Moines, have MUCH higher standards than Little Rock.

I totally disagree! The blame rests at the feet of our city officials/management. As others have stated, another contributing factor is the fact that we have too many centers vying for the same stores. Give the economy a chance to rebound and I believe the storefronts will fill up quickly.

I was just in Baton Rouge. While they have a nice center or two, the rest of the town stinks! I stayed at the newly remodeled Hilton downtown. It was nice but was about the only thing there. The downtown area is very run-down.

Also Baton Rouge's surge in population is due to Katrina hitting New Orleans and most natives I've talked to say it hasn't done much to improve the overall level of affluence.

JMHO

[adman0468]

As I was driving down University Avenue today, I noticed a new sign at the Park Avenue site. It had contact info for the site and what I think is a new logo. I went to the website (parkavenuelr.com), but it's been a while since I've been there, so I don't know if it had actually changed or not. I did notice on the home page that they talked about having a theater on board, but were looking for other retailers to supplement it. Much is made of the existing retail that surrounds it.

I also noticed the sign had one contact for retail leasing and a separate one for medical office leasing. It's been so long, I had forgotten that medical offices were a part of this.

[Hyacinth]

As I was driving down University Avenue today, I noticed a new sign at the Park Avenue site. It had contact info for the site and what I think is a new logo. I went to the website (parkavenuelr.com), but it's been a while since I've been there, so I don't know if it had actually changed or not. I did notice on the home page that they talked about having a theater on board, but were looking for other retailers to supplement it. Much is made of the existing retail that surrounds it.

I also noticed the sign had one contact for retail leasing and a separate one for medical office leasing. It's been so long, I had forgotten that medical offices were a part of this.

The retail site plan has been modified. The thumbnail for the link on the website shows the previous design. The date on the current design is listed as 5/08/09.

Compare this:

http://www.arktimes.com/blogs/arkansasblog.../parkavenue.jpg

to this:

http://parkavenuelr.com/pdfs/retail_site_plan.pdf

[Architect]

The retail site plan has been modified. The thumbnail for the link on the website shows the previous design. The date on the current design is listed as 5/08/09.

Compare this:

http://www.arktimes.com/blogs/arkansasblog.../parkavenue.jpg

to this:

http://parkavenuelr.com/pdfs/retail_site_plan.pdf

Ummm....so what happened to the theater (much less the rest of the retail!)?!

[LRguy21]

if they go with the plan on the website, i would rather not see anything be built there. to the developer: please do not build a suburban strip mall. its going to be such a waste of great space.

Why can we get a macy's, movie theather, bookstore, and a whole foods for something like this? A target?? they should just take the old sears location and they can go else where.

As an example, i think it should follow Perkins Rowe in Baton Rouge.

[adman0468]

if they go with the plan on the website, i would rather not see anything be built there. to the developer: please do not build a suburban strip mall. its going to be such a waste of great space.

Why can we get a macy's, movie theather, bookstore, and a whole foods for something like this? A target?? they should just take the old sears location and they can go else where.

As an example, i think it should follow Perkins Rowe in Baton Rouge.

Maybe since Target is iffy now, they're thinking the theater is going to be there now? And do we really need another theater?

Macy's, Dick's Sporting Goods and Borders would be good options.

[Architect]

Maybe since Target is iffy now, they're thinking the theater is going to be there now? And do we really need another theater?

Macy's, Dick's Sporting Goods and Borders would be good options.

I don't believe Target is (ultimately) "iffy" at all. They put a hold on store openings due to the economy. They've been trying to find the right mid-town location for years.

[LRguy21]

well its starting to look less and less likely that this will end up more than a glorified strip mall.

[Architect]

I was informed today of some very interesting news about Park Avenue. Apparently, the entire site package bid a couple of weeks ago, with a tentative (very aggressive) timetable to be complete by year end. This is a pretty good indicator that the project is about to commence. We'll see.